MasTec price target raised to $460 from $406 at KeyBanc

KeyBanc raised the firm’s price target on MasTec (MTZ) to $460 from $406 and keeps an Overweight rating on the shares. The firm notes the company reported a strong Q1, underpinned by Pipelines at 20%-plus margins as the cycle inflects higher but with support from higher margins in PD and CEI. Combination of top line and margin should potentially continue as all of MasTec’s end markets show signs of strength. KeyBanc expects MasTec to provide additional color on end market outlook and potentially a set of long-term targets when it hosts its analyst day in NYC on May 12.